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FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Estimated Fair Values of Financial Instruments

The estimated fair values of First Financial’s financial instruments not measured at fair value on a recurring or nonrecurring basis in the consolidated financial statements were as follows:

						Carrying						Estimated fair value
(Dollars in thousands)						value						Total						Level 1						Level 2						Level 3
March 31, 2021
Financial assets
Cash and short-term investments						$	229,371					$	229,371					$	229,371					$	0					$	0
Investment securities held-to-maturity						121,945						124,294						0						124,294						0
Other investments						131,814						131,814						949						121,457						9,408
Loans and leases						9,764,046						9,767,354						0						0						9,767,354
Accrued interest receivable						51,520						51,520						0						13,299						38,221
Financial liabilities
Deposits
Deposits						12,648,069						12,652,266						0						12,652,266						0
Short-term borrowings						181,387						181,387						181,387						0						0
Long-term debt						583,722						581,177						0						581,177						0
Accrued interest payable						5,723						5,723						0						5,723						0

						Carrying						Estimated fair value
(Dollars in thousands)						value						Total						Level 1						Level 2						Level 3
December 31, 2020
Financial assets
Cash and short-term investments						$	251,359					$	251,359					$	251,359					$	0					$	0
Investment securities held-to-maturity						131,687						136,698						0						136,698						0
Other investments						133,198						133,198						837						122,953						9,408
Loans and leases						9,725,291						9,743,497						0						0						9,743,497
Accrued interest receivable						50,903						50,903						0						13,221						37,682
Financial liabilities
Deposits						12,232,003						12,238,058						0						12,238,058						0
Short-term borrowings						166,594						166,594						166,594						0						0
Long-term debt						776,202						774,674						0						774,674						0
Accrued interest payable						6,240						6,240						14						6,226						0

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements were as follows:

						Fair value measurements using
(Dollars in thousands)						Level 1						Level 2						Level 3						Assets/liabilities at fair value
March 31, 2021
Assets
Investment securities available-for-sale						$	10,260					$	3,703,825					$	39,678					$	3,753,763
Loans held for sale						0						34,590						0						34,590
Interest rate derivative contracts						0						122,156						0						122,156
Foreign exchange derivative contracts						0						104,700						0						104,700
Total						$	10,260					$	3,965,271					$	39,678					$	4,015,209
Liabilities
Interest rate derivative contracts						$	0					$	122,592					$	0					$	122,592
Foreign exchange derivative contracts						0						104,700						0						104,700
Total						$	0					$	227,292					$	0					$	227,292

						Fair value measurements using
(Dollars in thousands)						Level 1						Level 2						Level 3						Assets/liabilities at fair value
December 31, 2020
Assets
Investment securities available-for-sale						$	103					$	3,383,902					$	40,575					$	3,424,580
Loans held for sale						0						41,103						0						41,103
Interest rate derivative contracts						0						185,032						0						185,032
Foreign exchange derivative contracts						0						87,615						0						87,615
Total						$	103					$	3,697,652					$	40,575					$	3,738,330
Liabilities
Interest rate derivative contracts						$	0					$	186,124					$	0					$	186,124
Foreign exchange derivative contracts						$	0					$	87,615					$	0					$	87,615
Total						$	0					$	273,739					$	0					$	273,739

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation for certain AFS securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2021 and March 31, 2020.

												Three months ended
												March 31,
(dollars in thousands)																		2021						2020
Beginning balance																		$	40,575					$	9,190
Accretion (amortization)																		(9)						16
Increase (decrease) in fair value																		12						(30)
Settlements																		(900)						35,074
Ending balance																		$	39,678					$	44,250

Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following table summarizes financial assets and liabilities measured at fair value on a nonrecurring basis.

						Fair value measurements using
(Dollars in thousands)						Level 1						Level 2						Level 3
March 31, 2021
Assets
Collateral dependent loans
Commercial						$	0					$	0					$	10,732
Commercial real estate						0						0						9,986
OREO						0						0						54

						Fair value measurements using
(Dollars in thousands)						Level 1						Level 2						Level 3
December 31, 2020
Assets
Collateral dependent loans
Commercial						$	0					$	0					$	25,367
Commercial real estate						0						0						6,432
OREO						0						0						54

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